Real Estate Trends – Fairhaven, Massachusetts

Introduction:

Welcome back again for our latest real estate market trend report. For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions. We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Market Trends in Fairhaven, MA – September 2014 and 2015:

The Fairhaven, MA market has fallen off a bit since last year. Both the average listing and sale prices were down significantly. The median prices were down as well. The days on market were actually down though, and maybe by more than they first appear. Inventory was very stable going from 23 sales in September of 2014 up to 24 in September 2015.

Average Listing Prices:

To start off first we are going to look at the average listing price. For Fairhaven, MA the average listing price in September 2014 was $307,696. This was down to $254,979 in September 2015. This gives a huge decrease of 17.13% year over year.

With such a big difference we make sure to look at the median prices as well. Taking a quick look at the median prices reveals that they are quite a bit less than the average in 2014. For September of 2014 the median listing price for Fairhaven, MA was $279,900 and in September 2015 it was $249,450 which now gives a smaller, but still pretty significant 10.88% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices. The average sale price for in Fairhaven, MA in September of 2014 was $287,891 and in September 2015 that was down to $248,388. That gives another pretty large 13.72% decrease.

We see the same pattern with the median sale prices as we did for the listing prices. For September of 2014 the median sales price for Fairhaven, MA was $269,700 and in September 2015 it was $245,000 giving another larger 9.16% decrease.

It does not matter which way we look at it, prices are down for Fairhaven, MA. The medians are down a little less but all the indicators are showing things are down around 10% or more. Since the medians are showing a 9-11% decline that seems like the most reasonable conclusion.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market. For Fairhaven, MA the average days on market in September of 2014 were 144.65 and the average days on market for September 2015 were 131.42, for a insignificant 9.15% decrease.

In 2015 there was a property with 1268 days on market; this was more than the next 8 properties combined and was over 40% of the total days on market for all 24 houses. When removed the new calculation for the remaining 23 properties gives an average days on market of 82.0.

Using the adjusted numbers we see a very large 43.31% decrease. This does not change the general thought of the days on market being down somewhat but now they appear to be down a very large amount rather than a fairly small amount.

Fairhaven, Mass Summary:

The Fairhaven, Massachusetts real estate market is down since last year. The average prices and the median prices were both down by pretty good amounts. While the days on market were down a lot as well this is just a small reprieve for buyers looking at getting around 10% less than last year.

In summary if you are looking to sell a house in Fairhaven, MA now you should expect to get a bit less for it than you would have gotten last year. However, you should also expect it to take a lot less time to sell compared to last year.